VD Building Solutions: the total insurance solution for apartment buildings and co-owned buildings

Both co-owners and trustees may have to face the consequences of damage when owning and managing co-owned buildings. Providing appropriate insurance requires thorough specialisation, as well as taking into account all the legal and statutory obligations imposed on the various parties. Our VD Building Solutions insurance concept responds to this seamlessly.

What insurance should you take out as a co-owner?

The law on co-ownership only requires liability insurance for a building trustee. Although you have no further insurance obligations as a co-owner, certain insurance policies are nevertheless recommended. After all, the consequences of accidents or incidents related to the building can be considerable. The following insurance policies, for example, are therefore worth considering:

• a fire insurance for the co-owned building,
• a liability insurance for the association of co-owners,
• a legal aid insurance.

What insurance should you take out as a trustee?

Every trustee - whether professional or voluntary - is required by law to subscribe to a civil liability insurance policy.

The insurances that you must additionally take out on behalf of the association of co-owners can be found in the regulations of the building you manage. These may include:

• a collective fire insurance for the building ("block policy”),
• a civil liability insurance for the co-owners,
• a legal aid insurance.

Our insurance offer

With our unique VD Building Solutions solution, we insure all your risks associated with the ownership or the management of an apartment building. We combine all the coverage (and only the coverage) that you actually need as an association of co-owners, a trustee or a company.

Fire insurance

What does this insurance include?

Fire insurance covers property damage caused to the apartment block or building by fire, lightning, explosion, water damage, hail or earthquake. The policy applies to both the common and private parts of the building complex. Outbuildings, garages and parking lots are also insured. The fire insurance only covers the building, however (the property). The contents must be insured in a separate policy.

In this policy, the building is insured under the 'all risks except' formula: anything that is not expressly excluded in the general terms and conditions is covered. As a result, you will never have any surprises in the event of a claim.

Our insurance solution includes numerous guarantee extensions compared to the classic fire policy:

• Storm damage does not require a minimum wind speed in order for the policy holder to be entitled to compensation. Most fire policies set this at 80 mph.
• Our policy provides coverage for lateral water infiltration and seepage through terraces and balconies. • Damage caused during moving is covered.
• Damage to home automation, lifts and HVAC installations is also covered within the machine breakage guarantee, according to the 'all risks' principle.
• We apply a fixed exemption of 250 euro (indexed). No exemption is applied in case of fire. There is also no increased exemption for natural disasters, which is almost always the case with most insurers.

How much does this insurance cost?

It is recommended that fire insurance be taken out for the co-owned building collectively, rather than individually by the co-owners: the insurance is then on average 25% cheaper. A collective policy also has the advantage that claims can be handled much faster.

BA (Civil Liability) VME (association of co-owners)

What does this insurance include?

The BA insurance protects the organisational bodies of the VME (the co-owners, the trustee, the commissioner of accounts, the board of co-ownership, etc.) if they are held liable for damages to third parties. This insurance comes into effect, for example, if someone forgets to apply the brake of the communal waste container, causing it to roll into the street and cause an accident there.

The trustee is, in any case, obliged to take out liability insurance, regardless of whether he performs his function professionally or voluntarily. The civil liability insurance protects the trustee from the consequences of errors in the performance of his duties, such as:

• inaccuracy or negligence,
• neglect or absenteeism,
• forgetfulness or mistake,
• managerial errors (e.g., accepting work that has not been done or has been done poorly without making reservations),
• defects during the transmission of information or documents,
• etc.

How much does this insurance cost?

The price of a civil liability insurance for a professional trustee does not differ from that for a voluntary trustee. If one of the co-owners voluntarily exercises the unpaid mandate of trustee, the third-party insurance must be paid by the organisation of co-owners. The co-owners then make their contribution based on their share of the building.

Legal aid

What does this insurance include?

If you suffer damage as a result of a particular event, and a dispute regarding compensation arises with the other involved party/parties, a legal aid insurance ensures that your interests are represented and that you receive the necessary legal assistance and advice. Some examples:

• Is a co-owner refusing to pay his/her share of the common expenses, and this leads to a legal dispute? You can recover the costs of a lawyer through the legal aid insurance.
• If your fire insurance company proposes an inadequate amount to repair a loss, you can have an independent counter-expert appointed through the legal aid insurance.
• Should the organisation of co-owners incur collection costs due to non-payment of common expenses, these are covered by the legal aid insurance, under the all-risk formula.

How do we make a difference?

• With VD Building Solutions, you can count on a personal service and an insurance package that is completely tailored to your specific situation and needs.
• You will quickly receive a quote that offers you the necessary coverage at a competitive price and with the best conditions on the market.
• Through the annual follow-up, we ensure that you always remain appropriately and cost-effectively covered, even after the start of your insurance policies.
• Thanks to our partnership with Keypoint, professional trustees can efficiently handle their claims through the Keypoint Connect online platform, which also offers numerous other benefits.